7049 Superior Ave Cleveland, OH 44103-2874

Property Details for 7049 Superior Ave

Year built

1908

Construction

WOOD

Lot size

0.32 lot acres

Property size

37,448 SF

Zone code

MF-1

Property type

Warehouses

APN

105-23-024

APU

10523024

Description

This exceptional investment opportunity presents a 39-unit apartment building located at 7049 Superior Ave, Cleveland, OH 44103, in the vibrant St. Clair-Superior neighborhood. The property, known as Abel Manor Apartments, boasts a total of 46,810 square feet across four stories, situated on a 13,795 square foot lot. Built in 1908 and renovated in 2020, this Class C building offers a compelling value-add proposition. The unit mix includes 30 two-bedroom, 6 three-bedroom, and 3 one-bedroom apartments. Currently vacant, this bank-owned foreclosure presents a unique chance for significant returns. The asking price is $885,000, translating to $22,692.31 per unit and $18.91 per square foot. With a pro-forma NOI of $275,000, the property projects a substantial 31.07% cap rate. The permitted zoning is MF, and the property features one pad. This is a gut rehab opportunity in a diverse and culturally rich neighborhood with access to green spaces and Lake Erie. The property's APN is 105-23-024. This is a rare chance to acquire a significant multifamily asset in a rapidly developing area of Cleveland. The property is categorized as a subsidized apartment building.